24 Cornwall Street - ebook

This lakefront home has stood the test of time for 160 years. A part of the history of the Queenstown-Lakes district, the “Ship Inn” was built in c.1864 as a pub/hotel during the Wakatipu gold rush. A gathering point for weary travelers and their horses, this truly unique property was one of 10 hotels in the bustling hub of Kingston frequented by local settlers, farmers, goldminers and tourists on the railway in the late 1800s.

Following its origins as a hotel/pub, the dwelling was then converted into a residential home – with additions, alterations and renovations made in keeping with the original character. With hardwood flooring, exposed beams and two grand hearths, one of which boasts a stunning mantlepiece, there is so much to appreciate. Complete with an antique Shacklock Orion stove and striking arched stained-glass window, this home features elements from a bygone era with all the comforts of modernity.

Today, the Ship Inn makes for a comfortable and cozy two-bedroom, onebathroom main home with the convenient addition of a sleepout with an unimpeded outlook over the lake. The spacious, open plan dining and living area will make for easy entertaining, with direct, peaceful views over Lake Whakatipu and the surrounding mountains. Natural light streams into the kitchen through the dual-opening french doors, which open out into a sheltered, private courtyard which has been cleverly landscaped.

This is truly a special home. Properties of this caliber are extremely rare, so don’t miss out on this once-in-a-generation opportunity.

Could you be the next chapter in this home’s story? To arrange a viewing, get in touch with us today.

• Two-bedroom, one-bathroom home with a sleepout

• Peaceful lakefront location

• Charming blend of history and modern comfort

Welcome

Welcome to the Colliers deadline sale information for 24 Cornwall Street, Kingston.

If you haven’t been involved in a deadline sale process before, or even if you have and would like to learn more, please take a few moments to read the information below regarding how the price expectation for a deadline sale is generated.

A deadline sale is the process of purchasing real estate through confidential submitted written offers. If you want to buy a property by deadline sale, you prepare your best offer and send it to the seller to consider alongside any other offers the seller gets at any point in the deadline sale campaign.

The property is offered for sale with no price, with a deadline by which offers need to be submitted on the basis that the vendors reserve the right to accept an offer at anytime before the deadline sale closes.

What is a Deadline Sale?

A deadline sale is a variation on both auction and tender, but like both those marketing methods, is intended to make clear to buyers that it is the vendor’s intention to be sold on or before the deadline date.

Whereas with an auction all bids must be unconditional, and bidding is public, with deadline sales offers are protected by client privacy provisions and so are not disclosed to other buyers, and may be either conditional or unconditional.

Executive Summary

Address

24 Cornwall Street, Kingston

Rates QLDC: $2,011.68 per annum | ORC: $250.13 per annum

CV $640,000

Floor Area

Land Area

97 sqm more or less

506 sqm more or less

Built c. 1864

Exterior Timber

Floor Coverings

Windows

Hardwood, carpet, tiling

Timber joinery, single glazing

Hot Water Electric

Heating Heat pump, wood burner, radiator

General Features

Sunny, quiet, private, lakefront, sheltered

Aspect North

Outdoor Features

Laundry

Mature, landscaped, low-maintenance, lawn, courtyard

Part of room

Views Lake, mountain

Parking Off-street

Water supply Bore

Sewerage Septic tank (last emptied 2021)

Other Information

Heritage Category 3 listed building

Other Information

The following information is also available for this property - contact us for your copy.

• Council documents

• REA guides

• Heritage list

• Record of title

• Photos

Kingston

Nestled in the scenic landscape between two mountain ranges by the shores of Lake Whakatipu is the township of Kingston. A small settlement 47km south of Queenstown and an approximate 35 minute scenic drive from Frankton, Kingston offers a laid-back and peaceful way of life.

Traditionally known as a holiday destination, many properties are owned by Southland and Otago residents and Kingston properties are all within easy reach of the lake. Properties in this area comprise holiday baches right up to modern, stylish homes and are at the more affordable end of the Queenstown scale, therefore popular with first home buyers.

RECORD OF TITLE UNDER LAND TRANSFER ACT 2017 FREEHOLD

Guaranteed Search Copy issued under Section 60 of the Land Transfer Act 2017

Identifier SL180/33

Land Registration District Southland

Date Issued 30 April 1953

Prior References

SL4/126

Estate Fee Simple Area 506 square metres more or less

Legal Description Section 16-17 Block X Town of Kingston

Registered Owners

Joanne Maree Wedlock and Mitchell Mackersy Trustees (2019) Limited

Interests

Client Reference acuebillas001

Offering at Deadline Sale

Buying by deadline sale is a relatively simple process, with advantages for the buyer as well as for the seller. However, it’s not simply a matter of turning up on the day and writing down what you’d like to pay. It’s worth doing homework to know your rights and obligations, to ensure you feel comfortable with the process.

To help you better understand how deadline sales work, we’ve put together a list of key things you’ll need to do before submitting an offer.

Arrange finance. This is very important. You need to be comfortable with the level at which you’re offering. It’s fine to put a finance clause into the contract, but bear in mind that a vendor may favour the most straightforward offer on the day.

Read the contract. The ‘Sale and purchase agreement’ is the contract signed by the potential purchaser at the time of submitting a deadline sale offer. If your offer is accepted, it will then be signed by the vendor and become a binding contract. It contains a legal description of the property, a list of chattels, terms of settlement and the possession date. It can be helpful to have a lawyer check through this for you.

Know the value. If you have been studying the market, you may have a good idea of what the property is worth. If you need help, your real estate Sales Consultant can refer you to similar homes which have sold recently that are a good comparison. Otherwise you could arrange for an independent valuation.

How to make an offer

Know the process. Talk to your real estate Sales Consultant about exactly what will happen on and before the deadline sale closing day.

At Colliers we understand that submitting an offer by the deadline sale process can seem daunting. We want our clients to feel reassured that the process is professional and transparent at every stage. Below are some hints to help you feel more comfortable with how the process works:

Talk to your Sales Consultant when formulating your offer. They can assist you in looking at comparable sales and provide information enabling you to make an offer you’re comfortable is the current market value.

Consider your conditions carefully. Where possible it’s best to minimise the conditions on a deadline sale offer, however it’s also advisable to not spend a large amount in advance when there is a chance your offer may not be selected. Balance is the key.

You’ll need to fill in the following information on the Sale and Purchase agreement to make your offer:

• Purchase price

• Deposit amount

• Settlement date

• Any conditions (inspections, LIM report, valuation, finance etc)

• Solicitor details

Frequently Asked Questions

Is a reserve price set? No, the vendor cannot set a reserve price for the deadline sale, but the vendor will have in mind a price. Other than the vendor, the real estate listing agent is the only person who may know this price which is generally established by feedback from potential purchasers. Buyers are invited to submit an offer at a level at which they would be comfortable to purchase the property.

Can I buy before the deadline sale closes?

Yes - the vendor has the option of considering conditional or unconditional offers at any stage of the campaign.

How do I make an offer? Your Sales Consultant will provide you with a Sale and Purchase Agreement for the property. This needs to be completed by the purchaser with your details, purchase price, deposit amount, settlement date and any conditions. The offer is then placed in a sealed envelope to be opened by the vendor at any time up to and including the closing date of the deadline sale.

Can I make a conditional offer? Absolutely. Bear in mind though that the vendor will take into consideration any conditions, particularly if there is more than one offer. It is prudent to resolve as many conditions as possible before submitting the offer.

Can I negotiate? The deadline sale process is a ‘best foot forward’ strategy - purchasers are expected to submit their best offer on the day. The vendor can then consider all offers at the same time and choose their course of action. The vendor can choose to accept any offer (not necessarily the highest one), reject all the offers, or enter into negotiations with one or more of the potential purchasers.

How do I know who wins the deadline sale? You should be contacted within a few hours of the deadline sale closing time to advise whether you have been succesful or not. If you are successful you now have a contract with the vendor and can start working through conditions (if any).

If the vendor does not receive the price they want, they may choose to start negotiations. The submitters of the top offers can be asked to re-submit a new offer, or negotiations can continue with one. This can mean that deadline sale negotiations can continue well past the closing date.

What is the difference between deadline sale and tender? Deadline sales vary from tenders as follows – when a property is marketed by tender it cannot be sold before tender date, offers must be on a tender form and accompanied by a 10% deposit, and must remain valid for 5 working days from the close of tenders. With deadline sales none of these things apply – offers can be made (and accepted) at any time, they are made on a normal sale and purchase agreement form, and can be withdrawn at any time prior to acceptance by the vendor. There is no requirement to attach a deposit cheque to the offer.

Fred Bramwell Sales Consultant 021 435 694

James O’Hagan Sales Consultant 021 909 323

Jesse Johnston Sales Consultant 027 733 7755

Candice Buchanan Sales Consultant 027 630 1283

Stephen Hebbend Sales Consultant 021 453 881

Hugh Clark Sales Consultant 027 223 2997

Nicole Bell Sales Consultant 021 898 326

Doug Reid Sales Consultant 027 4313 278

Quill Sales Consultant 021 416 785

Emma Lups Sales Consultant 027 428 5100

Vera Stewart Sales Consultant 021 0596 266

Mei Chen Sales Consultant 022 075 9847

Heap Sales Consultant 021 500 815

Maria Wyndham Sales Consultant 021 997 522

Zach Hylton Sales Consultant 027 369 6805

Poppy Jefferies Sales Consultant 022 0439 935

Richie

Brendan

Colliers

Colliers Otago’s residential sales team provide leading property sales and marketing services with an established track record and unrivalled teamwork. We think global and act local, with strong regional knowledge and connections across all property sectors. Our residential team is focused on adding value to our clients’ investment decisions. We are market leaders in research, allowing a unique, knowledge-based approach to buying and selling. As the largest multi-service real estate professionals in Otago and Southland, we have specialists working in residential property, commercial sales and leasing, tourism brokerage, valuation and advisory. With offices in Queenstown, Wanaka, Cromwell and Dunedin, we can cater for your specific real estate requirements - strengthened by our national & international Colliers network.

Waiver of Liability

The information contained herein or otherwise in relation hereto is provided by Colliers and affiliated companies in their best judgement, in good faith and as far as possible based on data or sources which are believed to be reliable. The material contained herein is not intended to substitute for obtaining individual advice from a qualified professional person. Colliers, its officers, employees and agents expressly disclaim any liability and responsibility to any person whether a reader of this publication or not in respect of anything and of the consequences of anything done or omitted to be done by any such person in reliance whether wholly or partially upon the whole or any part of the contents of this publication. Therefore we record Colliers has used its best endeavours to ensure the information provided is true and accurate but Colliers does not accept any responsibility or liability in respect of any errors, inaccuracies or misstatements which may be contained in them. COPYRIGHT Colliers. All rights reserved. No part of this work may be reproduced or copied in any form or by any means (graphic, electronic or mechanical, including photocopying, recording, recording taping, or information retrieval systems) without the written permission of Colliers.

Otago

ANTI-MONEY LAUNDERING

Proving your identity when buying or selling a house

From 1 January 2019, real estate agents are required to verify the identity of their vendors in accordance with Anti-Money Laundering legislation. In some situations, real estate agents will also be required to verify the identity of purchasers. If your real estate agent cannot verify your identity in line with the legislation, they will not be able to act for you.

Identity verification can take days and sometimes weeks if a Trust or company is involved, or where parties reside overseas.

The below gives an indication of some of the documents your real estate agent may ask you to present in person or as a certified document as part of this process:

Individuals:

Passport, NZ Firearms Licence or NZ Drivers Licence with another document such as a bank statement or statement issued by a Government agency. You will also need to provide a document with your residential address (for example, a utility bill).

Trusts:

The Trust Deed and, for all trustees and settlors, the information required for individuals as noted above, together with information regarding the Trust’s source of funds or wealth. Additional information may also be required for beneficiaries and appointers.

Companies:

Details of the company, together with the information for individuals noted above for every individual with more than a 25% shareholding, all individuals with effective control of the company and all individuals acting on behalf of the company. Information regarding source of funds or wealth may also be required.

Note: The above list is not exhaustive and is indicative only. Your real estate agent will assist you with the specific requirements in relation to your situation.

DISCLAIMER: The material and information contained herein is for general information purposes only and is not intended to form professional legal advice. REINZ does not accept liability for any claim or other action that may arise directly or indirectly from the use of or reliance on the material and information provided herein. REINZ recommends you seek independent legal advice if you are unsure of your legal position.